Turkmenistan Legalizes and Regulates Cryptocurrency Starting January 1

Turkmenistan has enacted a law to legalize and regulate digital assets, effective January 1. The legislation allows the issuance of licenses for cryptocurrency exchanges and mining companies.

Key Points:

The law defines the creation, storage, placement, use, and circulation of virtual assets.
Aims to diversify Turkmenistan's economy beyond natural gas exports.
Clarifies crypto jurisdiction, excluding securities, currency, electronic money, bank deposits, or gambling.
Introduces definitions for blockchain, NFTs, mining, smart contracts, and virtual asset service providers.

Kyrgyzstan is also advancing in crypto regulation. In September, it proposed creating a state cryptocurrency reserve and collaborated with Binance to develop a strategic Bitcoin reserve and launched a national stablecoin.